Latest / Financial Survival Network / The System Is Starting to Crack - Adam Taggart #6379

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The System Is Starting to Crack - Adam Taggart #6379 · Financial Survival Network

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Speaker 2: And welcome you are listening to and watching the Financial
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Speaker 2: Survival Network. I'm your host, Carrie Letz. Well with us
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Speaker 2: today is Adam Taggart. Your reputation, Adam precedes you huge,
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Speaker 2: huge presence out there in the thoughtful money business, and
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Speaker 2: that's your website, thoughtful Money dot com. And hey, we've
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Speaker 2: had this huge run up in metals. Now we're getting
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Speaker 2: the inevitable party hangover, if you will. Amazing at it
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Speaker 2: looks like silver will retrace almost exactly fifty percent a
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Speaker 2: little what do you call that contrati if number or whatever,
1:11
Speaker 2: and then we're.
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Speaker 3: Back to the races right well, from your lips to
1:17
Speaker 3: God's ears. Look, there's a lot of reasons to still
1:22
Speaker 3: be really bullish on silver's price in the long term,
1:26
Speaker 3: and it has certainly been club like a turkey BLT.
1:31
Speaker 3: I said an X last night. Now, you know, we
1:37
Speaker 3: are hopefully seeing some pretty good entry points here for
1:40
Speaker 3: folks that want to add to their exposure. Or if
1:42
Speaker 3: you missed the run up the first time and we're
1:44
Speaker 3: kicking yourself, you know, this may be a great gift
1:47
Speaker 3: from the universe to get in. That said, you know,
1:50
Speaker 3: could it go lower?
1:51
Speaker 4: Sure?
1:52
Speaker 3: And you know, I think anything is possible.
1:55
Speaker 4: I think.
1:56
Speaker 3: Let me put this way, I think I think as
1:57
Speaker 3: long as the war situation continues to sus stain, and
2:01
Speaker 3: if it becomes even more kinnectic. More concerning, if oil
2:04
Speaker 3: prices go even higher, or at least even just stay
2:06
Speaker 3: high at these prices for longer than folks are currently expecting,
2:10
Speaker 3: that may still have some negative knock on effects on
2:13
Speaker 3: the precious metals. So I don't want to sell the
2:17
Speaker 3: story that I think. You know, solber is going to
2:19
Speaker 3: take off to the moon tomorrow necessarily. And you were
2:22
Speaker 3: asking me before we turned the camera on, Kerrie, if
2:25
Speaker 3: I expected the medals to follow this much, And I
2:30
Speaker 3: think the answer, honest answer is is I was totally
2:33
Speaker 3: open to it. And the reason for that was I've
2:37
Speaker 3: been a long term precious metal investor like you I
2:41
Speaker 3: nineteen eighty I was nine years old, so I wasn't
2:45
Speaker 3: following that one super closely, but certainly it was pretty
2:49
Speaker 3: heavily in the precious metals when twenty eleven came along
2:54
Speaker 3: and so saw that, you know, bull off spike and
2:57
Speaker 3: then what happened after that, and so when we were
3:02
Speaker 3: try to remember when I did this, I think it
3:03
Speaker 3: was June of twenty twenty five, June of last year.
3:07
Speaker 3: There were a preponderance of events happening that made me
3:11
Speaker 3: exceptionally bullish on you know, the prices of the precious metals,
3:15
Speaker 3: but in particular sober and you know, Carrie, I'm not
3:18
Speaker 3: a financial guru. I don't put myself out there as one.
3:22
Speaker 3: If anything, I'm sort of a guru of gurus.
3:26
Speaker 4: I do what you do for.
3:27
Speaker 3: A living, which is I talked to a lot of
3:29
Speaker 3: the best minds of money in the markets. And if
3:30
Speaker 3: I have any value from that, it's the fact that
3:33
Speaker 3: I get to talk to so many people and I
3:36
Speaker 3: get to synthesize, you know, what they say. And one
3:39
Speaker 3: of the things that I look for and what I
3:41
Speaker 3: do is when I hear the same conclusion coming up
3:46
Speaker 3: in conversation after conversation with experts who use different methodologies,
3:51
Speaker 3: so they're all taking different paths, but their paths are
3:53
Speaker 3: leading to the same destination. And when I hear that happen,
3:57
Speaker 3: I start to think, Okay, the probability of that can
4:00
Speaker 3: illusion is probably higher than normal because so many people
4:03
Speaker 3: are getting there with different methodologies. And I was hearing
4:06
Speaker 3: that around silver so much to the point that, like
4:09
Speaker 3: I said, I don't put myself out there as a
4:11
Speaker 3: as a financial guru, but I remember when bitcoin was
4:17
Speaker 3: really taking off and everybody in social media was giving
4:21
Speaker 3: themselves laser eyes as a way to indicate that I'm
4:24
Speaker 3: on the bitcoin train. So June of last year, I
4:28
Speaker 3: gave myself silver eyes. So I just put these two
4:33
Speaker 3: Solber eagles, you know, coins over the eye of my
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Speaker 3: profile avatar and said, hey, folks, I'm getting really bullish
4:38
Speaker 3: on silver. And then fortunately one of my followers very
4:42
Speaker 3: quickly added like silber laser beams coming out of the eyes, right,
4:45
Speaker 3: So I had silver laser eyes, and I you know,
4:49
Speaker 3: there's probably a lot of luck in this, folks. But
4:52
Speaker 3: that was basically when sober you know, basically went from
4:54
Speaker 3: I don't know that twenty eight, you know, from then
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Speaker 3: on it went off to the ra and early this year,
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Speaker 3: when it got to one hundred dollars an ounce, I
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Speaker 3: took the silver eyes off and I told folks, look,
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Speaker 3: I hope this thing continues to go higher. I'll cheer
5:12
Speaker 3: it if it does. But I'm getting really nervous that
5:15
Speaker 3: silver is just getting incredibly over sold, sorry, overbought, just
5:20
Speaker 3: because it's price action. I mean, Carrie, you know that
5:22
Speaker 3: no asset goes vertical forever, and the more vertical the
5:26
Speaker 3: price action becomes, the more likely not only that it's
5:29
Speaker 3: going to pull back sometime soon, but the pullback is
5:31
Speaker 3: going to be probably pretty violent. And I got a
5:34
Speaker 3: lot of flak initially from this, you know, the Silver bros.
5:37
Speaker 3: Because they didn't want me to send a signal that
5:39
Speaker 3: the party was ending. And of course, Silver, you know,
5:43
Speaker 3: over the next week and a half, you know, went
5:45
Speaker 3: to one hundred and twenty an ounce, and so for
5:47
Speaker 3: a very brief moment, a lot of people were saying, Adam,
5:49
Speaker 3: you're totally missing the boat here. But then, of course
5:52
Speaker 3: we had this correction, and if you look at the
5:56
Speaker 3: price action the last two times Silver did this two
5:59
Speaker 3: thousand in nineteen eighty, the replacements were just brutal. By
6:06
Speaker 3: the time they were done, not only had they given
6:08
Speaker 3: up pretty much all the gains that Sover had made
6:11
Speaker 3: over the run, but then Sober was like dead money
6:13
Speaker 3: for like a decade or more. And so I don't
6:18
Speaker 3: think that's going to be the case this time. But
6:22
Speaker 3: I think you have to respect the price action and
6:24
Speaker 3: just know that there's a non zero probability that the
6:27
Speaker 3: price could continue following the shape of the previous two corrections.
6:33
Speaker 3: Now that being said, Sober is many many different things
6:37
Speaker 3: going on this time. You know, nineteen eighty essentially was
6:42
Speaker 3: a response to the Hunt Brothers trying to corner the market.
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Speaker 3: It was, you know, one actor that then just got
6:47
Speaker 3: beaten in the submission. This time, it's the whole world
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Speaker 3: that is going after physical very different story. I interview
6:55
Speaker 3: precious metals experts.
6:58
Speaker 4: I like to.
6:59
Speaker 3: Interview dealers, you know, the guys that are actually there
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Speaker 3: with their hands on the pulse of what's going on
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Speaker 3: in the physical world. And I interview any Scheckment a
7:07
Speaker 3: lot Andy. But Andy is saying that, you know, over
7:11
Speaker 3: the course of his like, you know, thirty plus year
7:14
Speaker 3: career in this industry, the volumes we're seeing right now
7:17
Speaker 3: in terms of the demand for physical silver unprecedented, and
7:22
Speaker 3: and the volumes that are being taken for delivery out
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Speaker 3: of the comes totally unprecedented. And they're at such levels that,
7:30
Speaker 3: I mean, tens of millions of ounces a month that
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Speaker 3: it's hard to imagine anybody other than a sovereign player taking,
7:42
Speaker 3: you know, being able to take delivery of those volumes.
7:44
Speaker 3: You get to remember, you to take delivery of it.
7:45
Speaker 3: You you get stored somewhere, you got to ship it,
7:48
Speaker 3: you know, ship it and shi securely.
7:51
Speaker 4: Yeah.
7:52
Speaker 3: So so that's very different obviously with the central banks
7:56
Speaker 3: that have turned into the very big net buyers of
7:58
Speaker 3: the precious metals in recent years. It's now been declared
8:04
Speaker 3: an essential mineral by the US government and has a
8:08
Speaker 3: similar status and an increasing number of governments out there.
8:11
Speaker 3: As you know, Andy likes to say, you know, a
8:15
Speaker 3: US missile, you know, takes I don't know how many
8:19
Speaker 3: hundreds of bounces of sober, but but several hundred ounces
8:22
Speaker 3: a sober per missile. We're vaporizing on a sober right
8:25
Speaker 3: now over in the Middle East. That all needs to
8:27
Speaker 3: get restocked. If you just look at the commercial demand
8:31
Speaker 3: for everything from UH electronics to you know, the data
8:37
Speaker 3: centers that we're building.
8:38
Speaker 4: In an AI world.
8:39
Speaker 3: You know you're going to need the world's most conductive
8:41
Speaker 3: element for all that. So there's all sorts of reasons
8:44
Speaker 3: to be really quite bullish this time and say, yes,
8:46
Speaker 3: it is different than it was in the previous two
8:49
Speaker 3: price bikes that that that then disappated away. So you know,
8:53
Speaker 3: long story short, I think you can make some pretty
8:56
Speaker 3: good technical conclusions here in the near term that sober
8:59
Speaker 3: is pretty short term over sold, and that at the
9:02
Speaker 3: minute we get some relief in the world's fears about
9:06
Speaker 3: the war, that silver could have a really violent reaction
9:10
Speaker 3: to the upside. And one of the big things that's
9:12
Speaker 3: going on right now, Kerrie, is you know there is
9:17
Speaker 3: forced selling going on in the world right now because
9:20
Speaker 3: of the I oil pricess liquidation in a couple of ways,
9:24
Speaker 3: a couple of ways. You know, big players countries even
9:26
Speaker 3: right they're having to spend a lot more in oil
9:29
Speaker 3: suddenly than they were before. So to fund that, they're
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Speaker 3: selling their assets that have value, and precious metals have
9:35
Speaker 3: been in a great run, so there's a lot of
9:36
Speaker 3: profit and old There also one one question for you
9:42
Speaker 3: which everybody's been reading about it.
9:45
Speaker 2: I know it's out there. I don't really like to
9:47
Speaker 2: follow the trend because that's how they get you the narrative.
9:52
Speaker 2: But we do have this private credit crack up. Now
9:56
Speaker 2: my feeling is it already happened six months to a
9:59
Speaker 2: year ago. It's just like when a star explodes and
10:03
Speaker 2: turns into a black hole and twenty light years later
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Speaker 2: we see it happen. That's what happens in the markets.
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Speaker 2: How real is is the private credit crackup? Is that
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Speaker 2: leading to liquidation in the markets? What's your work say
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Speaker 2: on that? And sorry for.
10:20
Speaker 3: Cap do you I think it works as we're still
10:23
Speaker 3: we're still finding out. But that's it's a great segue
10:26
Speaker 3: to the point out was I was making, which is
10:28
Speaker 3: not only is oil just forcing you know, large players
10:32
Speaker 3: to sell assets to fund the higher oil, but it's
10:35
Speaker 3: also you know, weight on the markets we've had We've
10:38
Speaker 3: had a lot of market weakness because of the knock
10:41
Speaker 3: kind of effects of the war here and there. You
10:44
Speaker 3: get forced margin calls right where you get investors who
10:46
Speaker 3: are leving me or whatnot. You're literally just hey, you know,
10:49
Speaker 3: either either you get to put more money in today
10:50
Speaker 3: or we are selling your positions. Whether you like it
10:52
Speaker 3: or not, right, So I think that's pushing this down
10:55
Speaker 3: to now, how much of that is due to potentially
10:57
Speaker 3: private credit? I don't know is the real answer. And
11:01
Speaker 3: I just telled my Spring conference this past week and
11:04
Speaker 3: carry so I had I don't know. You know, fifteen
11:08
Speaker 3: presenters talk a lot about private credit throughout the day,
11:12
Speaker 3: and you know what I took from that is is
11:16
Speaker 3: there's definitely real there there, just FYI. I don't think
11:21
Speaker 3: any of them thinks that this is as existential a
11:25
Speaker 3: threat to kind of the financial system the way that
11:28
Speaker 3: subprime was. But they're all saying, but I could be wrong.
11:32
Speaker 3: I think a big hedge, yeah, but a really interesting ques.
11:38
Speaker 3: So one of the reasons why we don't know how
11:40
Speaker 3: big it is is because private credits willpaque. Right, So,
11:42
Speaker 3: unlike the public banking system, we don't have visibility into
11:46
Speaker 3: these loans.
11:47
Speaker 4: We don't know what.
11:48
Speaker 3: Loans weren't made, we don't know whether they were good
11:50
Speaker 3: loans or not. We're just not going to find out
11:53
Speaker 3: until the bodies start floating to the surface, which they
11:55
Speaker 3: are starting to do now. So I kind of like
11:57
Speaker 3: your analogy about the supernovas. We you know, we only
12:00
Speaker 3: see it long after. We only see the damage long
12:02
Speaker 3: after it was actually inflicted. But one really interesting point
12:08
Speaker 3: that was raised during this conference was, you know a
12:12
Speaker 3: lot of these private equity funds are gating the funds
12:15
Speaker 3: right So, I'm a private equity investor, I'm stressed, I'm
12:18
Speaker 3: now worried about this. I'm reading the headlines, I'm worried,
12:22
Speaker 3: and i want to take my money out of these funds. Well,
12:24
Speaker 3: the funds that we can't do that, and as a
12:26
Speaker 3: matter of fact, we're going to totally gate all withdrawals
12:29
Speaker 3: right now. So you know, we'll tell you when at
12:31
Speaker 3: some point in the future you might be able to
12:32
Speaker 3: get access to this again. So if you're that investor
12:35
Speaker 3: in your A you know, freaked out, and b perhaps
12:40
Speaker 3: you've got some stress now in your portfolio so you
12:42
Speaker 3: need you want to or need to liquidate things, Well,
12:45
Speaker 3: you can't liquidate it from the private market right now,
12:48
Speaker 3: So where can you liquid it from the public market?
12:50
Speaker 3: So you have to go over and sell, which you
12:52
Speaker 3: can on the public side. So, in addition to the
12:54
Speaker 3: margin call issue we were talking about, I think there
12:56
Speaker 3: also is this knock on effect of private credit where
12:59
Speaker 3: private credit investors who are stressed are having to sell
13:02
Speaker 3: their private sorry, their public assets, you know to Surbien.
13:07
Speaker 2: Yep, Well, we call this the Hunter the liquidator, Hunter
13:13
Speaker 2: the securitizer, who then becomes Hunter the liquidator. And you
13:18
Speaker 2: know Hunter, he's a twenty something wall streeter and he
13:23
Speaker 2: drives around it a neon green Lamborghini. That's Hunter the securitizer.
13:29
Speaker 2: And Hunter is always looking for the next greatest cash flow.
13:34
Speaker 2: Secure cash flow, uninterruptable, gets better in bad times. And
13:40
Speaker 2: the last I heard he was throwing coins over his
13:42
Speaker 2: shoulder at the Trevy Fountain in Rome, looking for the
13:47
Speaker 2: next great payment stream, everything securitized. Haven't we learned anything here? Well,
13:55
Speaker 2: I know I know the answer to the question of
13:57
Speaker 2: that question. It's redundant. But haven't we weren't learned anything
14:01
Speaker 2: since eight nine and the Great financial Crash? I mean, really,
14:06
Speaker 2: aren't we doing exactly the same things?
14:09
Speaker 4: Well? So, uh I.
14:13
Speaker 3: My answer is not going to surprise you at all,
14:14
Speaker 3: but it's probably under depression even more. No, I don't
14:17
Speaker 3: think we have and in private credit. I think many
14:20
Speaker 3: of us watched this sort of train wreck happening in
14:26
Speaker 3: disbelief saying, hey, didn't don't we know how this ends?
14:29
Speaker 3: And and uh, you know a number of these companies.
14:31
Speaker 3: I remember I was probably about six months ago calling
14:36
Speaker 3: out Blue Owl, which at the time was was.
14:38
Speaker 4: You know, riding high. Yeah.
14:41
Speaker 3: And they what they were doing is they were buying
14:44
Speaker 3: the books of a lot of the buy now, pay
14:46
Speaker 3: later lenders, which Carrie to me, buy now, pay later
14:50
Speaker 3: is like the epitome of the we didn't learn our
14:53
Speaker 3: lesson you know, yeah, I love it. Basically loading to
14:58
Speaker 3: people who were who were taking out an inst alment
15:00
Speaker 3: plan to buy, you know, burritos from Chipotle.
15:04
Speaker 4: We could go wrong, what could go wrong? Right?
15:06
Speaker 3: But just to depress you. So, one of the guests
15:08
Speaker 3: at my conference was Matt tabe oh Sud, the journalist,
15:12
Speaker 3: the fellow who who you know, was sort of our
15:14
Speaker 3: generation's chronicler of the two thousand and eight crash, right,
15:18
Speaker 3: the guy that really made it understandable over the masses.
15:20
Speaker 3: So I asked him that exact same question and he
15:23
Speaker 3: just said no. And it's like, I can't believe it.
15:25
Speaker 3: I mean, for as much time as we spent forensically
15:29
Speaker 3: picking apart what went wrong last time, the little amount
15:33
Speaker 3: that we learned from it and the little amount of
15:35
Speaker 3: change of behavior is just staggering.
15:37
Speaker 2: Yeah, they're securitizing everything and in giving it a triple
15:43
Speaker 2: A bond rating. And you know, I was thinking that
15:47
Speaker 2: Hunter should go to a new field called the aa
15:51
Speaker 2: NS allowance anticipation notes, where it allows kids to sell
15:57
Speaker 2: off up to ten years of their allows so they
16:01
Speaker 2: can buy an Xbox or a e bike or whatever
16:04
Speaker 2: it is they want. Because that's when you get down
16:07
Speaker 2: to it, I don't that's how absurd this thing is.
16:10
Speaker 3: Right, we joke about that, but you know, carry that
16:12
Speaker 3: might happen. As you're saying that, I'm thinking like, oh
16:14
Speaker 3: my god, maybe they'll securitize people's inheritances, right, like, hey,
16:18
Speaker 3: we'll give you a loan today, you know, for a
16:20
Speaker 3: claim on your inheritance once your parents die, right yeah.
16:24
Speaker 2: Or or we'll give it to you on your life
16:27
Speaker 2: insurance so you can collect your policy before you die.
16:30
Speaker 2: Isn't that the ultimate?
16:32
Speaker 3: I mean, it's it's it's so I'm sure we're just
16:35
Speaker 3: enraging the viewers here, but yeah, we learned so very
16:39
Speaker 3: little from this, and of course, to a certain extent,
16:42
Speaker 3: it's not their fault, Carrie, right, I mean, like, what
16:45
Speaker 3: did we teach Wall Street and y'uring the GFC you'll
16:49
Speaker 3: get bailed out, you know, and the losses will get socialized.
16:52
Speaker 3: I mean, some people forget the big Wall Street banks.
16:55
Speaker 3: They pay themselves record bonuses in two thousand and nine,
16:59
Speaker 3: right in the depths of the despair of the GFC.
17:04
Speaker 3: They were just completely toned after this, and they didn't
17:06
Speaker 3: pay a price.
17:07
Speaker 2: For it, really totally, And yeah, it's no better this time.
17:12
Speaker 2: What's worse in a way is when you got like
17:15
Speaker 2: eight million foreclosures taking place or whatever the actual number was.
17:20
Speaker 2: You can't hide that stuff with this besides the funds gating,
17:28
Speaker 2: you actually can hide it, just like we hid during
17:32
Speaker 2: the Great Financial Crisis, sixteen trillion that went out the
17:36
Speaker 2: door to bail out European banks, right right, it's the
17:40
Speaker 2: same thing because now under dot Frank, it's supposed to
17:43
Speaker 2: be a bill and well, you know that's never going
17:45
Speaker 2: to happen because nobody's going to put up with that.
17:48
Speaker 4: We'll have a revolution.
17:49
Speaker 2: So instead you just stealthily write some checks behind the scenes.
17:55
Speaker 2: Problem gone, and then onto the next disaster.
17:59
Speaker 4: Right, I think that's likely true.
18:01
Speaker 3: And then you know, I was complaining about the opacity
18:03
Speaker 3: of the private credit space, but I think that that
18:07
Speaker 3: was probably very intentional one because it helps them on
18:13
Speaker 3: in the good days because they just have less requirements,
18:17
Speaker 3: less constraints. But I think to your point, it helps
18:19
Speaker 3: them on the bad days where it lets these backdoor
18:21
Speaker 3: bailouts happen in the darkness so that the public can't
18:24
Speaker 3: get enraged about it.
18:26
Speaker 2: Yeah, and that's exactly what's going to happen here. I
18:29
Speaker 2: don't know, they're not in the US government is not
18:31
Speaker 2: letting Black Rock take a hit. And this is the
18:35
Speaker 2: same exact thing as seven eight nine, where initially it's
18:41
Speaker 2: the sub subprime, then it goes to the subprime, then
18:45
Speaker 2: it goes to the alta, and then it goes to
18:47
Speaker 2: prime and to a lesser degree. But it was a contagion.
18:52
Speaker 2: It's a contagion, yep. And all this private financing, and
18:56
Speaker 2: then the people who are taking advantage of it, the
18:59
Speaker 2: mid size companies that are basically zombie companies, they can't
19:04
Speaker 2: go on anymore if this private credit market seizes up, right.
19:10
Speaker 3: And so I think that's totally true. Now, let me
19:12
Speaker 3: make a statement that might not be popular here.
19:15
Speaker 4: So you know, I.
19:16
Speaker 3: I interview lots of professional investors. I was interviewing Jan Vneck,
19:25
Speaker 3: you know, the CEO of X Funds a quarter ago,
19:29
Speaker 3: and he was basically, you know, pointing out some of
19:31
Speaker 3: the troubles in private equity and said, hey, you know,
19:34
Speaker 3: you should you should maybe be a little bit cautious here.
19:37
Speaker 3: He said, I like these business development corporations, but I
19:40
Speaker 3: don't think they're I don't think they're going to fare
19:43
Speaker 3: very well here.
19:45
Speaker 4: For a while.
19:46
Speaker 3: And he, you know, was proven to be very true.
19:48
Speaker 3: You know, he and others I talked to are now saying, hey,
19:51
Speaker 3: you know a lot of these things are being priced
19:53
Speaker 3: as if they're going out of business, and for a
19:56
Speaker 3: lot of these a lot of these funds that they're
19:58
Speaker 3: highly likely not going to just from a management and
20:03
Speaker 3: diversification standpoint. And remember with credit, you know, you you
20:08
Speaker 3: the only risk you have is the existential credit of
20:11
Speaker 3: the company dying. As long as it can survive and
20:15
Speaker 3: make its payments, you know, you're going to get paid
20:17
Speaker 3: on your on the debt that you're holding. So the
20:20
Speaker 3: his point in others is, hey, we may actually be
20:23
Speaker 3: starting to see some pretty good valuations in some of
20:26
Speaker 3: these private credit funds that are kind of getting left
20:28
Speaker 3: for dead right now. And so while I am standing
20:32
Speaker 3: hip to hip with you and railing against you know,
20:34
Speaker 3: kind of the pernicious effect I think they have on
20:38
Speaker 3: the system. Overall, some of them may actually be proved,
20:41
Speaker 3: may prove to be some pretty good investments right now,
20:43
Speaker 3: if we're looking forward, you know, if.
20:45
Speaker 4: We want to check in again in three to six months,
20:48
Speaker 4: I agree.
20:48
Speaker 2: But I remember at the start of the financial collapse,
20:53
Speaker 2: I went to a talk in the ninety second Street
20:56
Speaker 2: Why in New York City, this guy Ralph Winter, who
21:00
Speaker 2: ran the Winter Fund. I don't even know if it's
21:02
Speaker 2: still around or dot. And at that point, like the
21:05
Speaker 2: banks had been clobbered, City Bank was trading it like
21:08
Speaker 2: single digits. And one of the people asked Ralph, said,
21:14
Speaker 2: is City Bank a goodbye now? And he said, look,
21:19
Speaker 2: if you look at their financial statements, there could be
21:23
Speaker 2: footnote number one eighty seven, which you have no idea
21:29
Speaker 2: what it means because they're so opaque, and that one
21:34
Speaker 2: footnote could blow up the entire bank. So is it
21:37
Speaker 2: a good deal? Well, yeah, it's a good deal from
21:39
Speaker 2: the standpoint you know that the government isn't going to
21:43
Speaker 2: let City Bank go bust. They might let the layman,
21:46
Speaker 2: but not City Bank because that touches too many individual
21:50
Speaker 2: and savers, not just investors, but savers.
21:55
Speaker 4: We could very.
21:55
Speaker 2: Well be in the same situation now where those funds
21:58
Speaker 2: look attractive now, in six more months, they could look
22:01
Speaker 2: way more attractive, couldn't they.
22:03
Speaker 4: They could.
22:04
Speaker 3: And honestly, Kerrie, I mean, this is a multifactorial world
22:07
Speaker 3: we live in, but I think kind of the big
22:09
Speaker 3: factor right now is what happens with the war here.
22:15
Speaker 3: You know, at my conference, the keynote speaker was the
22:18
Speaker 3: great Lacy Hunt, great economist Lacy Hunt, and you know,
22:22
Speaker 3: Lacy sort of you know, hit a number of slides
22:25
Speaker 3: that showed how the economy was challenged, we'll say, heading
22:31
Speaker 3: into this year anyways, you know, looking at things like
22:34
Speaker 3: the decline of the savings rate, looking at weakness in
22:36
Speaker 3: the labor market, looking at contraction in the flows of
22:40
Speaker 3: actual shipped goods, factory capacity Utilization's got a whole bunch
22:45
Speaker 3: of factors here that basically show an economy that is stumbling.
22:49
Speaker 3: We'll put it that way. Then he said, okay, and
22:52
Speaker 3: then you put on top of that the stresses of
22:54
Speaker 3: an oil price shock is like, you know, that's like
22:57
Speaker 3: taking you know, a drunk house stumbling home and take
23:00
Speaker 3: a baseball bat to his knees. Right, So what he
23:03
Speaker 3: did is he compared the previous major oil price shocks
23:06
Speaker 3: over the past fifty years and then what happened afterwards,
23:09
Speaker 3: And in most cases, the economy was similarly challenged before
23:15
Speaker 3: those oil price shocks hit. And the Crib notes is
23:18
Speaker 3: is that nothing good happens when you add an oil
23:21
Speaker 3: price shock onto an economy that is not robust. So
23:26
Speaker 3: you know, you get guys like Lacey ed Doud a
23:29
Speaker 3: few others who are like, oh my god, like definitely
23:34
Speaker 3: I'm making my forecast even more pessimistic given what's going
23:37
Speaker 3: on right now. But of course the big factor there
23:40
Speaker 3: is is okay, but is this a price shock that
23:41
Speaker 3: lasts for, you know, a couple of weeks a month,
23:44
Speaker 3: or is this a price shock that gets extended at
23:47
Speaker 3: another six, nine, twelve months? Right, We don't know yet,
23:51
Speaker 3: And it's going to totally depend on how long the
23:53
Speaker 3: war goes on, and it's going to depend on how
23:55
Speaker 3: much damage is done long term damage has done infrastructure
23:59
Speaker 3: in the Gulf right now, So so first and foremost,
24:05
Speaker 3: I think that's really what's going to depend and the
24:07
Speaker 3: longer that goes on, not just private credit, Kerry, I
24:09
Speaker 3: mean everything is going to get tracked, and that that
24:12
Speaker 3: could be we could be looking back in a year
24:15
Speaker 3: and saying, well, that was the clear catalyst that brought
24:18
Speaker 3: on the next recession and the next big market correction,
24:21
Speaker 3: all that stuff, and if it lasts for long enough,
24:23
Speaker 3: it will.
24:25
Speaker 4: I think you can have a I'm not.
24:27
Speaker 3: A geopolitical strategist, so take everything with a big grain
24:29
Speaker 3: of salt.
24:30
Speaker 4: I do.
24:30
Speaker 3: I have interviewed a couple for the show. I would
24:34
Speaker 3: just say, don't put a negative probability on the war
24:40
Speaker 3: being over sooner rather than later. And the reason for
24:44
Speaker 3: that is, and I know a lot of people don't
24:46
Speaker 3: like this is you know, this isn't a popular opinion
24:49
Speaker 3: with everybody. But if you look at President Trump's track
24:52
Speaker 3: record in any way, he's willing to gamble, but in
24:57
Speaker 3: many ways what he is playing for is better than
25:01
Speaker 3: what I had before. Right, So he might put out
25:03
Speaker 3: these grandiose statements of what he's trying to accomplish, but
25:06
Speaker 3: really I think always looking for is just a better
25:07
Speaker 3: situation than I had before. And so, for example, when
25:10
Speaker 3: he went in to take out Maduro, I think his
25:12
Speaker 3: thinking was, all right, I'm going to try the strike.
25:14
Speaker 3: If it fails, I'm no worse often I was before
25:17
Speaker 3: Sam Guy's in office, and that was there the day before.
25:20
Speaker 3: Didn't get worse. If I take him out and the
25:25
Speaker 3: new regime plays ball with me a little bit better,
25:27
Speaker 3: well that's better than what we had before.
25:28
Speaker 4: Everybody, you know, I got what I needed.
25:31
Speaker 2: I've been following Trump since his first real estate deal
25:35
Speaker 2: in New York City the common way.
25:37
Speaker 4: You're super familiar with this, Yeah.
25:39
Speaker 2: So, and I've actually called every single thing that happened.
25:44
Speaker 2: The only thing I thought was going to happen was
25:47
Speaker 2: a cessation of the Russia Ukraine War. And it's kind
25:51
Speaker 2: of like yesterday's news. You just don't hear much about
25:54
Speaker 2: it anymore. It's like, imagine if they had a war
25:58
Speaker 2: and nobody came.
25:59
Speaker 4: But I knew.
26:02
Speaker 2: I knew that he was going to take out Maduro
26:04
Speaker 2: because he really summed up his philosophy in the art
26:08
Speaker 2: of the deal.
26:09
Speaker 4: And that is when I.
26:11
Speaker 2: Look at a deal, I don't look at what can
26:15
Speaker 2: go right. I look at what can go wrong. I
26:18
Speaker 2: always look at my downside first, because I know that
26:22
Speaker 2: the upside of the deal will take care of itself,
26:25
Speaker 2: and the downside deal of pulling out Maduro. If it
26:29
Speaker 2: didn't work, Eh, wasn't so bad. The downside of blowing
26:33
Speaker 2: up narco terrorist boats, if that's what they really are,
26:37
Speaker 2: and I assume they are, but we don't really know,
26:41
Speaker 2: you know, downside, not so bad. Downside going into Iran. Yeah, well,
26:47
Speaker 2: maybe I won't be able to get regime change, but
26:51
Speaker 2: I will so cripple them that they'll wish that they
26:54
Speaker 2: had regime change. So each move that he's made has
26:59
Speaker 2: always been with an eye to the downside, not to
27:02
Speaker 2: the upside. Necessarily, Yes, if it worked out, the upside
27:05
Speaker 2: would be great. And I go back to the first
27:09
Speaker 2: triumph of his second term, which was re retaking or
27:16
Speaker 2: reimposing US influence over the Panama Canal. Now, yeah, that
27:20
Speaker 2: was the first thing that happened. I knew exactly what
27:23
Speaker 2: the path was the second I saw that, because you know,
27:27
Speaker 2: from this geopolitical standpoint, strategic standpoint, you have to have
27:33
Speaker 2: the canal, right, because that's the gateway and that protects
27:36
Speaker 2: the entire hemisphere. But it also made clear that Venezuela
27:41
Speaker 2: was going And then he had a meeting with G
27:45
Speaker 2: and G actually did cut back somewhat on fentanyl trafficking,
27:50
Speaker 2: and I knew there was a deal that basically Russia
27:54
Speaker 2: and China, but particularly China, we're basically going to look
27:57
Speaker 2: the other way when we hit Venezuela and Iran. Now
28:04
Speaker 2: China will rue the day they ever let us go
28:07
Speaker 2: back into Iran.
28:09
Speaker 4: But you know.
28:11
Speaker 2: It's gone exactly. I wrote an article about it. Eight
28:15
Speaker 2: calls I made since May of last year that all
28:20
Speaker 2: came to pass. The only one I was wrong about
28:22
Speaker 2: was ending the Ukraine War, but it actually worked to
28:27
Speaker 2: the benefit of Trump's strategy not ending it because it'll
28:32
Speaker 2: mobilized them and they couldn't do anything about Iran or Cuba.
28:36
Speaker 2: I also called Cuba almost to the day. There was
28:39
Speaker 2: no question it was going to happen. So I will
28:42
Speaker 2: take the call and say that Silver we're going to
28:44
Speaker 2: be through this thing probably the next eight weeks, mid June,
28:48
Speaker 2: and not that we'll live happily ever after. Because one
28:52
Speaker 2: thing I wanted to talk to you about, and this
28:54
Speaker 2: was ahead of all this stuff kind of got away
28:56
Speaker 2: with it. What about AI All right, I know you
29:00
Speaker 2: use it, I know you're into it. What do you
29:03
Speaker 2: see it's potential impact, especially on the white collar economy.
29:09
Speaker 3: Yeah, So I so want to talk about that with you,
29:11
Speaker 3: and I have very strong opinions. If I can, let
29:14
Speaker 3: me just sure bow and what we were talking about,
29:16
Speaker 3: and then we'll jump topics. So it sounds like you
29:19
Speaker 3: see through the lens that I'm looking through. Absolutely. And again, look, folks,
29:25
Speaker 3: this could totally go south. It could totally go a
29:27
Speaker 3: different way than I'm predicting. So I'm not saying I've
29:29
Speaker 3: got it. I'm just saying, don't discount this. I think Carrie,
29:33
Speaker 3: who is a greater student of Trump than I am,
29:34
Speaker 3: is saying, hey, this is this is probably the likely probability.
29:38
Speaker 3: But two things, so, uh, you know, first off, when
29:44
Speaker 3: you when you tile these things together that you mentioned, right, Panama, Panama, Venezuela, Cuba, Iran,
29:54
Speaker 3: you know, yes, there's immediate benefits we get from each
29:56
Speaker 3: one of those. But also they help us in securing
30:00
Speaker 3: America's interests versus China. I think it's a big part
30:03
Speaker 3: of the sure I have spoken to a Chinese analyst.
30:08
Speaker 3: That's another interview I did last week, which, folks, if
30:11
Speaker 3: you don't know a lot about China, ad how do
30:12
Speaker 3: they recommend you go listen to that?
30:13
Speaker 4: I learned a ton we'll put that link up in
30:16
Speaker 4: the show notes.
30:18
Speaker 3: Oh great, thanks that analyst, a guy named Peter Alexander
30:21
Speaker 3: is a westernerbody's lived in China for the years. He
30:26
Speaker 3: he is a high belief that basically China and the
30:29
Speaker 3: US have had this backdoor agreement where they've basically said,
30:33
Speaker 3: you know what, we're going to kind of carve up
30:35
Speaker 3: the world a bit. You know, America will will let
30:38
Speaker 3: you kind of do them in a row doctrine two
30:39
Speaker 3: do oh thing if you let us achieve you know,
30:43
Speaker 3: our aspirations more on our side of the world. So obviously,
30:48
Speaker 3: you know, a lot of this sort of plays to that.
30:50
Speaker 3: A lot of it's going on place to that, and
30:52
Speaker 3: also somewhat increases the US's bargaining power in those discussions
30:56
Speaker 3: because remember, we don't really we don't. Is the US
31:00
Speaker 3: don't depend on an oil coming out of the golf.
31:03
Speaker 3: We care about it because the oil price is a
31:05
Speaker 3: global commodity, but we don't necessarily care so much about
31:09
Speaker 3: the barrels that go out of there. China absolutely does, right,
31:14
Speaker 3: So it's all part of that, It's all part of
31:16
Speaker 3: that big grand game. Also, one other thing too, is
31:18
Speaker 3: carry one of the upsides of this is. I mean,
31:22
Speaker 3: some people think, look, Trump wants to just you know,
31:25
Speaker 3: his goal is to get rid of the regime, take
31:29
Speaker 3: over carg Island and have the US can you know,
31:31
Speaker 3: start to play a role and controlling a flow of
31:34
Speaker 3: oil out of there. I don't know if that's the case.
31:36
Speaker 3: I don't necessarily think that's the case. But we'll see
31:39
Speaker 3: what happens. But even if this war ends tomorrow, there's
31:44
Speaker 3: going to be a premium, a risk premium now put
31:47
Speaker 3: on oil coming out of the Golf, oil and gas
31:49
Speaker 3: coming out of the Golf that wasn't there before. And
31:52
Speaker 3: so you're already starting to see a bunch of countries say,
31:54
Speaker 3: you know what, I was buying the cheap oil out
31:57
Speaker 3: of the golf and the cheap gas out of the Golf.
31:59
Speaker 3: I think I want to buy it from a safer
32:01
Speaker 3: country now, a country that I'm not going to have
32:03
Speaker 3: to worry about it going into you know, getting into
32:07
Speaker 3: kinetic quagmire. I'm not going to worry about my tankers
32:10
Speaker 3: getting shot at or whatever. And so just last week,
32:13
Speaker 3: the administration announced that it signed I like fifty six
32:16
Speaker 3: billion in oil and gas contracts with Indo Pacific countries.
32:21
Speaker 3: So they're already starting to do that. You know, if
32:23
Speaker 3: you're Japan, it takes you twenty five days to get
32:26
Speaker 3: a tanker from the Persian Gulf, it only takes you
32:30
Speaker 3: eight to get it from Alaska. And you can be
32:32
Speaker 3: pretty sure that Alaska is not going to be embroiled
32:35
Speaker 3: in some you know, multinational, you.
32:38
Speaker 4: Know war zone.
32:39
Speaker 3: So there are additional long term benefits that could come
32:43
Speaker 3: to America and some of its allies from what's going
32:46
Speaker 3: on in the golf right now that are second or
32:47
Speaker 3: third orders. That are effects that I don't think a
32:49
Speaker 3: lot of people are thinking about right now.
32:51
Speaker 2: And as long as you mentioned Alaska, let's talk about Canada.
32:55
Speaker 4: It's fracturing now.
32:57
Speaker 2: I don't think we're actually going to march into Alberta
33:00
Speaker 2: in Saskatchewan, right yeah. I don't think we're really going
33:02
Speaker 2: to annex them as states. I think they will become
33:06
Speaker 2: semi autonomous regions of Canada and they will adopt the
33:12
Speaker 2: US dollar. And think about what that does. It gives
33:15
Speaker 2: us a corridor from Alaska down to the Upper Midwest,
33:20
Speaker 2: the oil, everything else. And then when we follow that
33:24
Speaker 2: down and we think about what could potentially happen in Mexico,
33:29
Speaker 2: we have what I call the North American Resource Corridor
33:32
Speaker 2: goes straight down the US into Mexico.
33:36
Speaker 4: That's the gate.
33:36
Speaker 2: That's the thing, And we don't have to talk about
33:39
Speaker 2: AI and everything it's going to do.
33:41
Speaker 4: I'm happy to go there because I've got.
33:43
Speaker 2: But what is happening now that nobody out there sees
33:47
Speaker 2: is AI is responsible for large amounts of decisions that
33:53
Speaker 2: are taking place in the government.
33:55
Speaker 4: Now.
33:55
Speaker 2: It's not that it's making the decision that Trump just
33:58
Speaker 2: says AI, what I call a Trump GPT, what should
34:03
Speaker 2: I do? And it gives him an answer and he says, okay,
34:05
Speaker 2: do that. No, it's like you use it, you know,
34:09
Speaker 2: you have to. It has to get to know you,
34:11
Speaker 2: your decision making style, your language. Although I can't imagine
34:15
Speaker 2: a Trump GPT with language, but that's got to be
34:18
Speaker 2: a trip in itself. So the point is AI. The
34:23
Speaker 2: US is at the forefront of AI governance, meaning using
34:29
Speaker 2: AI to adjust the governance model. Bring it, because we
34:34
Speaker 2: basically got like twenty first century technology infrastructure, and we
34:40
Speaker 2: got an eighteen sixties government right it. You know, they
34:44
Speaker 2: got some iPads and some workstations, but they basically do
34:49
Speaker 2: everything the same way.
34:51
Speaker 4: That's changing.
34:51
Speaker 2: And I don't think really anybody understands this, that it's
34:56
Speaker 2: actually happening this way.
34:58
Speaker 3: Yeah, and I think, like all things with AI, it's
35:01
Speaker 3: going to happen way faster than people expect, and probably
35:05
Speaker 3: already is. Just read an article this morning about how pallenteers,
35:12
Speaker 3: you know, AI contributions to the strike decisions that have
35:18
Speaker 3: been made in US around war sort of started off
35:21
Speaker 3: as a beta project and very quickly became just the
35:25
Speaker 3: general operating policy. It was like, oh my gosh, this
35:27
Speaker 3: thing is so much more accurate than we've been in
35:31
Speaker 3: previous conflicts that they're now saying, we get to scale
35:34
Speaker 3: this to everything, right, And I think that's kind of
35:35
Speaker 3: just one example of what you're talking about.
35:38
Speaker 2: Hey, I can tell you in the law like the
35:41
Speaker 2: Billable hour is going to be a thing of the past.
35:44
Speaker 2: I'm involved in a lawsuit right now, kind of like
35:47
Speaker 2: a little hobby. But we call the book. I should
35:50
Speaker 2: show you the book. I think you'll get a kick
35:52
Speaker 2: out of it. It's called America America's Great Parking Scam.
35:58
Speaker 2: You've been robbed and you can actually scan that QR code.
36:01
Speaker 2: It will take you to parkscam dot com. You can
36:04
Speaker 2: buy the book, whatever. But I'm up against six municipalities
36:10
Speaker 2: and three app companies parking app companies because I just
36:16
Speaker 2: got fed up with the Grift, And I said, you know,
36:18
Speaker 2: I've been bitching about the Grift my whole life at them,
36:21
Speaker 2: my whole life. And if I don't do anything now
36:25
Speaker 2: that I actually can do it and I have the time,
36:28
Speaker 2: then I'm full of it. You know, everything I said
36:32
Speaker 2: is bull if I don't actually take the chance when
36:35
Speaker 2: I see the opening of a system that is completely corrupt,
36:39
Speaker 2: it's gone way way past the bounds of governmental propriety.
36:46
Speaker 2: So you know, in the meantime, I've gone asymmetric warfare
36:51
Speaker 2: with these guys. I have six or seven regulatory complaints
36:55
Speaker 2: and they're real, and I've got a lawsuit and one
36:59
Speaker 2: hundred paid complaint and I can move so quick and
37:03
Speaker 2: the billable hour people then even the regular lawyers who
37:08
Speaker 2: don't use it, they're like trying to catch up, trying
37:11
Speaker 2: to think of what is his next move going to be?
37:14
Speaker 3: Okay, because you're using AI on your end, Yeah, yeah,
37:19
Speaker 3: you know, And it's interesting. So first off, kudos to
37:23
Speaker 3: you for for standing on your integrity there, Carrie and
37:26
Speaker 3: fighting the system.
37:27
Speaker 4: You see is corrupt.
37:29
Speaker 3: You know, there's one of the things I really appreciate
37:31
Speaker 3: about what's happened in the past year and a half
37:34
Speaker 3: has been the we've tipped into common knowledge that there
37:41
Speaker 3: is a ton of waste, fraud and abuse in government spending.
37:45
Speaker 2: Right.
37:45
Speaker 3: I mean, we all kind of generally knew it. You
37:48
Speaker 3: think it didn't really we couldn't really scope at or
37:51
Speaker 3: size it. There was no target to go after the
37:53
Speaker 3: whole doze thing. What folks, whether you liked it or not,
37:57
Speaker 3: I think it did a really good service to our
37:59
Speaker 3: right side by putting this conversation front and center and
38:02
Speaker 3: your point about AI. I actually have a lot of
38:04
Speaker 3: optimism that it's going to be a lot harder to
38:08
Speaker 3: conduct this type of waste fraud and abuse in a
38:11
Speaker 3: world where the government income statement is audited by AI. Now,
38:17
Speaker 3: it may take us, you know, more years than I'd
38:19
Speaker 3: like for us to get there, but my guess is
38:21
Speaker 3: we're going to get there sooner than most people probably
38:23
Speaker 3: expect we could, and it's going to be just really
38:25
Speaker 3: hard for the type of abuses that we're hearing about,
38:28
Speaker 3: whether it's the daycare said that the leaders's in Minnesota,
38:33
Speaker 3: or whether it's the hospice in LA And those are
38:37
Speaker 3: just you know, two examples of stuff I'm sure doing
38:40
Speaker 3: across all over the country.
38:41
Speaker 4: Yeah, so it.
38:42
Speaker 2: Is an epicenter of Medicare medicaid fraud here. I mean, forget,
38:47
Speaker 2: I got so many old people.
38:48
Speaker 3: Well exactly, And look, the government is always going to
38:53
Speaker 3: spend more money than it should. But I finger to
38:55
Speaker 3: the wind. My kind of guesstimate is if we could
38:58
Speaker 3: magically get rid of the fraud, we probably wouldn't have
39:02
Speaker 3: a deficit.
39:03
Speaker 4: Like it's it's that.
39:04
Speaker 2: Large, all right, no question, I've always said. And the
39:08
Speaker 2: government wastes a third to fifty percent of the money
39:12
Speaker 2: that we send it, and no greater target than the
39:16
Speaker 2: Pentagon you know, the Pentagon Lake is Lalla Land. But
39:23
Speaker 2: it's every it's every program because like the New Deal
39:27
Speaker 2: wasn't built on fraud, the Great Society was built upon fraud.
39:32
Speaker 2: It was designed to be fraudulent from its very inception. Anyways,
39:37
Speaker 2: we've been at it so long. I could go on
39:39
Speaker 2: another hour, but I don't have the time. Just tell
39:42
Speaker 2: us again where we find you these days? How we
39:44
Speaker 2: connect with you on the web.
39:46
Speaker 3: Sure, so you can go to thoughtful money dot com
39:49
Speaker 3: and you know what you'll find there is you'll find
39:51
Speaker 3: my interviews, which is I do, like what Carrie does,
39:53
Speaker 3: I interview. I get you five interviews a week of
39:56
Speaker 3: interviewing the top minds and investing. But one of the
40:00
Speaker 3: things that I do is I try to make that
40:02
Speaker 3: information actionable and connect people with ways to take that
40:05
Speaker 3: information and then actually apply it to their imply it
40:08
Speaker 3: intelligently to their investing decisions. And so if you're a
40:11
Speaker 3: DOI investor, we've got DIY solutions to refer you to.
40:15
Speaker 4: If you'd rather.
40:16
Speaker 3: Have a live financial professional advisor, you can, you can
40:20
Speaker 3: talk with them, meet with them for free. We've got
40:23
Speaker 3: solutions for buying precious metals. There's just a whole bunch
40:25
Speaker 3: of other solutions you'll find there at that same site. Carrie,
40:28
Speaker 3: Can I talk for sixty seconds about that AI thing?
40:30
Speaker 4: But sure?
40:31
Speaker 2: Sure?
40:31
Speaker 3: So this is for when we have more time in
40:34
Speaker 3: the future. But as optimistic as I am about what
40:38
Speaker 3: AI may hopefully be able to do for us, I
40:42
Speaker 3: have huge concerns for it in the practicality of its rollout.
40:47
Speaker 3: I think the rollout is going to happen way faster
40:49
Speaker 3: than we're ready for, and the job's displacement is going
40:53
Speaker 3: to that job's displacement rate. I fear is going to
40:57
Speaker 3: totally overwhelm our ability to repurpose that placed labor into
41:01
Speaker 3: additional constructive, productive use. And so I don't see how
41:05
Speaker 3: we avoid a massive underemployment or unemployment problem that could
41:09
Speaker 3: last for years, and the cost of that societal injury
41:15
Speaker 3: may actually be higher than the immediate benefits we get
41:17
Speaker 3: from the AI. But that's something we can talk about
41:19
Speaker 3: in the future. I just didn't want folks to think
41:21
Speaker 3: I was a total AI fanboy.
41:24
Speaker 2: No, No, I see the same dangers as do you,
41:28
Speaker 2: but I don't really see any way around it. That's
41:31
Speaker 2: like the scary part. Anyway, we'll pick up next time.
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Speaker 2: Let's do this in a few weeks. Be well, thanks
41:38
Speaker 2: for coming on Real Pleasure, Thanks for having me.
41:40
Speaker 1: On, Garry, Thanks for listening to carry Letz's Financial Survival Network,
41:45
Speaker 1: your solution to today's trying times. For the latest, go
41:49
Speaker 1: to Financial Survivalnetwork dot com. Financial Survival Network now more
41:55
Speaker 1: than ever